By what amount should MN Plc's profit for the year ended 31 March 20X8 be reduced in respect of this? A. GHS2,600,000 B. GHS780,000 C. GHS600,000 D. GHS2,400,000
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- An entity was offering premium as a sales promotion scheme and that during the year it purchased 10,000 premiums for P20 each. Customers need to remit 10 boxes and P5 to redeem one premium. Assume there were no redemptions during the first year of the promotion, which of the following statements would be correct if it uses the revenue approach? a. The entity will report an inventory of premiums at the net cost of P15. Tb. he entity will report an estimated liability equal to the premium expense. c. None of the other choices are correct. Td. he entity will not report any expense since there were no redemption. e. No accounting liability shall be recognized since there were no redemptions.Tauros Company’s usual sales terms are net 60 days, FOB Shipping point. Sales, net of returns and allowances, totaled P2,300,000 for the year ended December 31, 2022, before year-end adjustments. Additional data are as follows: · On December 27, 2022, Taurus authorized a customer to return, for full credit, goods shipped and billed at P50,000 on December 15, 2022. The returned goods were received by Taurus on January 4, 2023, and a P50,000 credit memo was issued and recorded on the same date. · Goods with an invoice amount of P80,000 were billed and recorded on January 3, 2023. The goods were shipped on December 30, 2022. · Goods with an invoice amount of P100,000 were billed and recorded on December 30, 2022. The goods were shipped on January 3, 2023. The adjusted net sales for 2022 should be? a. 2,300,000b. 2,250,000c. 2,230,000d. 2,070,000Heller Company offers an unconditional return policy to its customers. During the current period, the company records total sales of $935,000, with a cost of merchandise to Heller of $374,000. Based on past experience, Heller Company expects 4% of sales to be returned. How much in net sales will Heller Company recognize for the current period?
- On June 1, Entity A sold Product XX2 for P50,000 with a cost price of P30,000. Credit terms is 2/10, n/30. On June 15, P10,000 worth of Product XX2 was received due to wrong specifications. The buyer availed of the discount period and paid on June 10. What is the gross profit of Entity A for Product XX2?The following information related to the Jordanian company during the accounting period ended 31/12/2020: The company sales the goods with right of return within (45) days On 7/ April the company sold goods on account amounted $180,000, it cost equals $60,000 On 7/April the company estimated the percentage of return equals 20% - Assume on 30/4 that the buying company returns 10% of the amount of goods sold - According to the above information answer the following questions: 1. The credit side of the journalize entry(entries) to record the sales transaction on 7/ April included: a. Allowance for right to return- $36.000 b. Account receivable – $144,000 c. sales revenue - $180.000 d. None of the above 2. The credit side of the journalize entry(entries) to record cost of goods sold on 7/ April included: a. estimated return inventory- $12,000 b. inventory - $60,000 c. inventory- $48,000 d. a +c 3. The debit side of the journalize entry(entries) to record the return goods on 30/ April…During the month of March 2022, Turaco sole trader purchased goods to the value of N$12 000, of which a half (%) was sold for N$10 000 during May. In addition, rental and insurance for the month amounted to N$2 000 and N$500 were incurred, respectively. Compute the gross profit. Answer:
- Lopez Company reports unadjusted first-year merchandise sales of $100,000 and cost of merchandise sales of $30,000. a. Compute gross profit (using the unadjusted numbers above). b. The company expects future returns and allowances equal to 5% of sales and 5% of cost of sales. 1. Prepare the year-end adjusting entry to record the sales expected to be refunded. 2. Prepare the year-end adjusting entry to record the cost side of sales returns and allowances. 3. Recompute gross profit using the adjusted numbers from parts 1 and 2. c. Is Sales Refund Payable an asset, liability, or equity account? d. Is Inventory Returns Estimated an asset, liability, or equity account?During the month of March 2022, Turaco sole trader purchased goods to the value of N$12 000, of which a half (4) was sold for N$10 000 during May. In addition, rental and insurance for the month amounted to N$2 000 and N$500 were incurred, respectively. Compute the cost of sales. Answer:On November 1, 2025, Alpha Omega, Inc. sold merchandise for $19,000, FOB destination, with payment terms, n/30. The cost of goods sold was $5,700. On November 3, the customer returns on 3 this sale amounted $7,600 of goods purchased. The company received the balance on November 9, 2025. Calculate the cost of goods sold from these transactions.
- Statz Company had sales of $1,800,000 and related cost of goods sold of $1,150,000 for its first year of operations ending December 31, 20Y1. Statz provides customers a refund for any returned or damaged merchandise. At the end of 20Y1, Statz Company estimates that customers will request refunds for 1.6% of sales and estimates that merchandise costing $16,000 will be returned. Assume that on February 3, 20Y2, Buck Co. returned merchandise with an invoice amount of $4,800 for a cash refund. The returned merchandise originally cost Statz Company $3,200. Journalize the entries to record the returned merchandise and cash refund to Buck Co. on February 3, 20Y2.On December 1, BCX company made a sale of $87,500, on credit. If the credit terms were 2/10, n/30, what would be the amount of the sales discount be if the payment is received on December 7?SumOne Limited is a retail store with a 30 June year-end.The company recorded the following:2021 (Rands)Sales – May220 000 Sales – June360 000 Refunds paid out in current year (relating to the prior year provision)53 880 Refunds provision balance on 30 June 202055 850 You can assume all sales are on credit and that SumOne Limited applies a 25% markup on the cost price of all goods. The company’s refund policy states that customers can return goods within 60 days (two months) of purchase if they can provide proof of purchase. Experience shows that 8% of sales are returned in the first month following the sale, and 5% are returned in the second month.REQUIRED:1.1) Briefly discuss the general recognition and measurement principles that SumOne Limited will apply to their revenue transactions in terms of the requirements of IFRS 15. 1.2) Prepare the journal entries to account for the May 2021 and June 2021 sales in the records of SumOne Limited for the financial year ended 30 June 2021.…
